NEW YORK (TheStreet) -- Shares of ON Semiconductors Corp. (ONNN) are rising in after-hours trading, up 4.19% to $10.70, after the company reported fourth quarter earnings and revenue that beat analysts' estimates.

The company reported non-GAAP earnings per diluted share of 17 cents on revenue of $864.2 million, beating earnings and revenue estimates of 16 cents and $856.11 million, respectively.

Non-GAAP net income for 2014 was $334.3 million, or 75 cents per diluted share, on revenue of $ 3.16 billion, which also beat expectations of earnings of 74 cents on revenue of $3.15 billion.

"Based upon product booking trends, backlog levels, and estimated turns levels, we anticipate that total ON Semiconductor revenue will be approximately $840 million to $880 million in the first quarter of 2015," CEO Keith Jackson added regarding the Arizona-based company's outlook.

Separately, TheStreet Ratings team rates ON SEMICONDUCTOR CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate ON SEMICONDUCTOR CORP (ONNN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."